Why is there a limit on petty cash?

Updated: 12/15/2022
User Avatar

Wiki User

12y ago

Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Why is there a limit on petty cash?
Write your answer...
Still have questions?
magnify glass
Related questions

What is the similarity of cash book and petty cash?


What are the difference of petty cash voucher and petty cash book?

petty cash voucher is released by the handler of the funds to support every payments made. petty cash book contains a summary of all petty cash disbursements, its total and the balance.

What is petty cash receipt?

A petty cash receipt is an invoice or receipt for items or services bought out of petty cash. Petty cash is the small amount of cash usually held by businesses for one off small items.

Analytical petty cash book?

The petty cash book which is prepared in columnnor form is called anylatical petty cash book

What is called as petty cash book?

petty cash book is the book which is used for the purpose of recording the payment of petty cash expenses.

Is the entry to establish a petty cash account a debit to petty cash and credit to cash?

yes. the entry should be: petty cash fund debit cash in bank credit

Is a debit to petty cash money that is taken out of petty cash?


What is journal entry for petty cash?

Debit petty cashCredit cash / bank

Does the balance of the petty cash account increase when the petty cash fund is replenished?


How do you establish the journal entry for petty cash?

[Debit] Petty Cash account [Credit] Cash account

Who has access to a petty cash?

a petty cashier

Importance of Petty Cash Book Imprest System?

The importance of Petty Cash Book Imprest System is that it helps in basic bookkeeping. The daily transactions that use the petty cash are entered into this system which ensures that there is proper issuance of petty cash.